so that is financial contagion. global recessions tend to be synchronized most of the time because that also transmission to trade and financial channels. so definitely in a world that is more globalized is the shock that come from key regions can have a global and sometimes even shocks coming from smaller regions can have a global effects. so so let's let's pull the lens back a little bit on this. you talk mega threats. what these mega threats mean to our viewers out there. how is life? how are these threats going to affect our lives over the next ten or 20 years? well, there is a certain severe risk to our livelihoods, our incomes, our jobs, our savings, our wealth our health, about the risk that climate change of course is going to cause severe damage to our homes and our cities and our lands and the geopolitical risk can be that even war among great powers. you know, i live in new york. if an unconventional water were to ever happen, then, you know, the first nuclear bomb is going to strike new york and washington and

global financial world. so there is a need to have more transparency into, into the market. and so i see that that could be moved in that in that direction. but i don't think that there will be dramatic changes seen the way the major guarantees are exchanged. francesco poverty, or we really appreciate your giving us the benefit of your expertise. thank you very much for joining us on kind of cost. you welcome. so what's next to for gold? well, it's always been seen as a safe haven for investors. many turn to the precious metal to protect the heart own savings when high inflation hits other investment products, but gold is denominated in dollars, so the strength of the green bank can have a significant impact on its price. well, with us now is milan that he's the chief investment strategist for middle east, north africa, the well known international brokerage all parties joining me now from london. very good to have you with us in your estimation, what's been happening to gold over the last year say thank you

there is the financial contagion. global recessions are synchronized most of the time because of transmission to trade and financial channels, so definitely in a world that is more globalized, key regions could have global effects and sometimes shocks coming from smaller regions can have global effects. jon: let's pull the lens back a little bit on this. you talk about mega threats. what do these mega threats mean to our viewers out there? how are these threats going to affect our lives over the next 10 to 20 years. nouriel: there is a severe risk to our livelihoods, our incomes, our jobs, our savings, our wealth, our health about the risk of climate change will cause severe damage to our homes and our cities and our lands, and geopolitical risks can lead to even more among great powers. if an unconventional war were to happen, the first nuclear bomb will strike new york and washington, and the other two moscow and beijing. the theme of ai, robot learning, automation increases economic ties but leads to technological unemplo

ash the post-global financial period and pre-pandemic period. the fact we are getting closer to the end of the tightening cycle than the beginning, probably means the next high-end deals will be in the front loaded rate hikes but it will be more about the resilience of the data. our baseline view is still for some kind of a soft landing scenario into next year but if the data continues to hold well, and if the market comes to the conclusion that the most likely outcome next year is a pause as opposed to a pivot, i think there is a case you can make for yields to move higher again. katie: let's work on that. if the next like higher will be fueled by resilient data, doesn't that raise the odds the fed will have to act even more aggressively to cool the consumer and cool inflation? lotfi: it's a risk. i agree with that and that is a great point but it is a great that we would be keeping an eye on. one of the side effects that -- side effects of the fact we passed peak inflation and that is to accelerate into next year, real disposable income is pos

from their gold but ever since the global financial crisis, at this point 14 years ago you had steadyin central bank around the world gold buying. gold was pressured earlier this year by sharply rising u.s. dollar, sharply rising interest rates but as they kind of eventually slow down the rate hikes to get closer to the terminal expected rate, as we see ongoing economic deterioration from some of the monetary tightening, some inverted yield curve effects trickling through housing, trickling through some issues, gold is i think relatively attractive compared to what you get in a lot of assets around the world. risk adjusted return potential is attractive. charles: we'll pick up on risk adjusted return later in the show. i love the risk/reward here. very little downside. lny, you're one of the best. appreciate you thank you very much. >> thank you. charles: coming up, folks we'll dig into the twitter files with "judicial watch" president tom fitton. most see wall street going lower here but what does ryan dietrick see? historically wall street may see it wrong and he has the charts to p

this is the hardest macroeconomic situation since the global financial crisis.hey say the representatives of the company. and on this i have everything stay with us and spend the weekend with benefit and pleasure, have a good day. morning air on tv channels belarus 1 and belarus 24 continues the program zana-x. hello, i am alexander smirnov. this time, the victims were led by telephone scammers, thanks to the vigilance of the couple, a woman courier was detained, who came from mozyr to work in the capital, but she did not manage to conquer her in her first working day went to jail. the malefactors worked according to the same scheme. they called the pensioner's landline and said that it would take 15,000 dollars to save her relative, a minsker. i realized that this was a hoax, but did not show any help. her husband joined in. who is at home? what is the composition of the family, if in the house of a man i simultaneously recruited for service, 120? here from the phone to another room and offered to delay every step was controlled and not allowed to move away for

, the central bank to the wealth, central banks, which was that the debt could undermine the global financial system. the bank raised concerns and his latest reports in which it said this year global markets of hero had been navigated without major issue. its main warning though was the swap debts blind spot. this said risk leaving policy makers in a fog is estimated for both non us banks and non us non banks, which includes pension funds, dollar obligations from global currency market swaps are now double the on balance sheet. debts. report wants that the missing debt could leave policy makers in uncertainty are joining me now in the studio to break the story down from its financial technology and shopping to chris and chris. welcome to the studio. thanks for joining us today. me know, i belie and see if i said i understood exactly what i just read then. can you explain to me, in layman's terms, please like the significance of this for a trillion dollars that's got missed and so, so let's, let's break down this mechanism of how this money sort of moves around the world's, i say, up to differ

but as i said before, the willingness to stick to global financial standards, open markets, that's asign. francine: where do you see the biggest fault line for banks? is it loans, housing, mortgages, are they taking adequate steps to look at risks? jose: as we look at portfolios, it depends a little bit on the business model. but in areas where we are leverage, residential real estate, warehousing prices have been increasing a lot the last few years, those are the areas in focus. tom: we talked a lot about risks, but there is this huge gap in terms of competitiveness between european banks and their u.s. counterparts. how do you build a framework that encourages the growth we need to see. i'm thinking of the german finance minister saying banking regulations focus too much on consumer protection and not enough on competitiveness and profit. does he have a point? jose: our mandate is financial stability. we need to preserve that for a competitive environment. financial stability, a precondition, so our focus is making sure those business models are sustainable. out the -- the interest

, a more or less came a to a stand still of the russian banks are pretty much cut off from a global financial market. so, so that definitely had a huge impact on the economy and as the rates are that are russia will be a pretty steep a recession a. but having all of that said, yes, the economic effects are being felled. but the behavior of the russian government has not so talking about the war. unfortunately, the sanctions add to a limit of success. ok, ins, quarter in new york for us. thank you very much. the update. now let's take a look at some of the other global business stories that are making the news. microsoft plans to purchase video game company, activision blizzard for $69000000000.00 may be on indefinite hold. as the u. s. federal trade commission suited to block the move. u. s. and european regulators have voiced fears over competition, including games being exclusive to the turkish online grocery app get here acquired its german rival, gorillas for $1200000000.00 on friday operating in europe and the u. s gets here was worth nearly $12000000000.00 at the start of the year befor

it has been the worst year since the gse, global financial crisis. and nike did very well yesterday, so did tech. but, you are looking out the stock markets this morning, consumer confidence is at an eight month high. stocks in europe are up by nearly 0.41%. shanghai grapples with a covid implosion sweeping across the city. j.p. morgan and goldman sachs are skeptics, or maybe already short and they are telling you what they think. recovery won't be easy, j.p. morgan are nervous. morgan stanley says, the market is not listening. the propensity is to get to 5.2 5%. this market is not prepared for that. of course, as the rate -- rate regime changes in asia, it has another day of strengthening, yen strengthening in and of itself, or is it a bit of a dollar the pricing? yields are dropping 3.64%, brent is up for the third day in a row. these bond markets, what is the next story in the bond market? we see $1.2 billion of an exodus from one of the big etf's. is that the largest? is that just a jolt and a shock? either way, we need to be prepared for 5.25 in

public investment after the global financial crisis was the main casualty in your.time, the structural reforms were not to really put in place either. euro area government at that time invested around $500 billion loss in the period from 2011-2019 as compared with the period 2000-2009. after the great financial crisis, potential output was revised. these are the errors that we must absolutely avoid this time around. we need higher investment and structural reforms to remove the supply constraints and ensure potential output is not impaired by the change in global economy. this will be energy sector and in the strategy supply chains. we will also need to strengthen domestic supply and demand through higher productivity growth. this will be particularly true in generalization -- digitalization. quite a lot of ground has to be covered, but it can be covered with the right to mix and with actors working together in a slightly different fashion than what they did after the global financial crisis. i will stop here. >> thank you very much. very well structured your commen

e rates in the global financial markets e we have seen some deceleration of project activities. the first. uh, half a year, uh, and related. uh, some funding slowdown. e throughout the space and in the second half of the year. we, uh, have stepped up our pace somewhat. eh, well, let's see. just how the conjuncture will develop and, depending on this , finance projects geopolitics is changing the current picture of the world. how does this affect the financial strategy of the bank and its priorities? does the eurasian development bank involve import substitution operations in industrial projects? for example , the bank's mission is to promote goals. uh, sustainable those, and we understand that here, uh, in any uh situation, a niche for our activities, it is present and moreover, it is probably expanding, so uh, here uh, all uh projects that meet the mission goals and objectives banks will be implemented, including projects aimed at import substitution, but again with conditions. e, in which we are working, e to attract funding for those restrictions that are present, we e must a

it is a welcome move for climate campaigners that have been calling on global financial institutionsmore to reduce carbon emissions. in the six years since the paris agreement, the wood's 60 largest banks have financed fossil fuels to the tune of $4.6 trillion. >> europe's biggest bank takes a major step in the fight against climate change. hsbc says it will no longer fund oil and gas deals that received their final approval after the end of 2021. the decision hailed by climate campaigners. >> large infrastructure projects do not happen without bank financing. for a bank to take a position they will not be funding new oilfield explorations is a big deal. quickly move is in line with with the international energy agency says is necessary for the world to reach net zero emissions by 2050. it comes after years of criticism from activists and major shareholders that the bank has been a key financer of greenhouse gas emissions, providing nearly $55 billion to top fossil fuel producers since the 2016 paris climate accords. hsbc's project-specific limitation is largely symbolic. it affects

coming up, could $65 trillion of derivatives debt we hidden risk for the global financial system?d per on bloomberg. -- we dig deeper on bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe." $65 trillion is the size of the off-balance-sheet debt that is piled up and that the bank of international settlements has started to warn about, calling it a global -- calling it a blind spot in global finance. let's get the details. this is not really the first time the bas has warned about this. what exactly is this pile of debt that they are warning about? valerie: the u.s. dollar is the reserve currency, so a lot of companies and what we call non-financial institutions including life insurance companies, pension funds, have a lot of dollar obligations, and they use fx forwards, fx forwards, fx swaps, currency swaps in order to hedge that and the bank of international settlements is warning this off-balance-sheet debt pile is growing and lot faster than on balance sheet debt pile, and it poses challenges, one of which we don't know where this debt is. we don't know the scale and

and in general, taking into account the transformation of the global financial system in the eu it is expedient to force the creation of one's own necessary. by all means, improve the circulatory system of our union i'm talking about finance already clear to everyone the era of dollar dominance is ending the future behind trading blocks , calculations in which national currencies will be made. belarus russia has already left the dollar in basic calculations, it is important that other partners actively join this process will support our president in this regard. the leader of kyrgyzstan, the transition is quite real and exports to the union countries have grown more than 40%. progressive movement. in this direction, it is allowed to transfer more than 75% of mutual settlements to national currencies, as well as provide access to foreign exchange trading floors. i believe that the prospect will not only diversify our foreign exchange portfolios, but also reduce the pressure of imported inflation. we remember how not easy it was to give in at the beginning of the existence of the eu, th

while china is betting on its financial governance as the way of the future, global markets have been betting on ours. we must do everything we can to keep it that way. i look forward to our witnesses testimony and i yield back. >> i think the ranking member, and now recognize the chairwoman of the full committee, the chairwomanrom california, miss waters. >> thank you very much, chairman himes. for convening this on the current and future national security, challenges related to the owth of aernative payment systems. these systems can drive clusion and offer convenience becausthey are generally outside but westn federal financial system. they also offer oppounities r sanctions evasion and other financial crime. further, a rival u.s. dollar-led trade and payments systems, potentially undermining the stir of the dollar and our ability to leverage tools like economic and trade sanctis. so i look forward to hearing from today's witnesses, on what congress needs to do to consider regarding this growing concerned. i yield back. >> i think the chairwoman of the full committee, and turn now

profits could drop to 2008, the levels we saw back in the global financial crisis.00 could drop as low as 3,000. 32% down from here according to mike wilson. so he's saying be safe, he's recommending health care, staples, queue tilts for 2023 -- utilities. david: susan, thank you very much. and now this, small businesses who received federal loans during covid are now being asked to pay hem back. connell mcshane is with me. connell, a lot of people hoping he were going to get a break. >> reporter: yeah. timing is really tough, david, because obviously all the things we report on all the time, inflation, other economic challenges, and we're talking about loans from the small business administration, not ppp. of so it was the sba loans. sba issued about $190 million to almost 4 million small business owners and nonprofits. the terms were really favorable, service a 30-year loan, and the interest rate was under 4 or even under 3 if you're a nonprofit organization. so it was kind of cheap money to small business owners. they would have told you that themselves. so many

sheet of both consumer corporations -- and corporations are better than the ones they had in the global financialrisis. i think the default cycle this time around, i am more worried about the financial stability, because the pace of hiking in this cycle is unprecedented. we haven't seen that in the past 40 years. something is going to break. we have already seen the housing slow down drastically in the bitcoin market has turmoil as well. so what will be the next shoe to drop? i think the financial market will see some fireworks there next week -- next year. katie: as we look ahead to next year, we have jp morgan's bob michele saying our best idea is to use every backup in yields to add high-quality duration to portfolios, investment grade bonds top the list while government bonds offer the highest real yield since the financial crisis. george, is that your best idea as well, high-grade bonds? george: the notion of positive real yield is really our best idea. you can scale positive real yields at different points along the rating spectrum as well as the yield curve. going back to what you mentione

— will have had cause by the global financial crisis. to a soft _ down and a government trying to get to a soft landing, we could get through— to a soft landing, we could get through this. it might sound like me saying. _ through this. it might sound like me saying, hold on. i through this. it might sound like me saying, hold on. lam not through this. it might sound like me saying, hold on. i am not saying that _ saying, hold on. i am not saying that be — saying, hold on. i am not saying that. be fair, take along saying, hold on. i am not saying that. be fair, take a long view can help the _ that. be fair, take a long view can help the country. we have all got to help the country. we have all got to help each _ help the country. we have all got to help each other at the moment. we could _ help each other at the moment. we could come — help each other at the moment. we could come out late summer to s —— is a recession— could come out late summer to s —— is a recession and we thought we might— is a recession and we thought we might have had

if things go wrong in the global financial system we are more exposed than our economic rivals. p agenda? _ financial sector. you concern about the levelling up agenda? this - financial sector. you concern about| the levelling up agenda? this there is s - in the levelling up agenda? this there is spin today _ the levelling up agenda? this there is spin today that _ the levelling up agenda? this there is spin today that deregulation - the levelling up agenda? this there is spin today that deregulation willl is spin today that deregulation will free up the city of london. what is going to happen is, they are going to take our money on the money manage first, they will speculate on more risky activities. if it goes wrong the city will have banked it bonuses. i think what will happen in terms of levelling up is that the city will generate more profits, higher returns from more deprived areas of the uk. that is going to exacerbate inequality, rather than promote levelling up.— exacerbate inequality, rather than promote levelling up. when jeremy hunt sa 5 promote levelling up. when jer

the fact is that 22 is not an easy year, but is associated with an increase in e rates in global financial markets. we have seen some deceleration of project activities. in the first. uh, semesters, uh, and related. uh, some funding slowdown. e throughout the space and in the second half of the year. we, uh, have stepped up our pace somewhat. eh, well, let's see. just how it will be to develop conjuncture and, depending on this , to finance projects geopolitics is changing the current picture of the world. how does this affect the financial strategy of the bank on its priorities? does the eurasian development bank involve import substitution operations in industrial projects? for example , the bank's mission is to promote goals. uh, sustainable te, and we understand that here, uh, in any uh situation, there is a niche for our activities, it is present and moreover, it is probably expanding, so uh, here, uh, all uh projects, which meet the mission, goals and objectives of the bank will be implemented, including projects aimed at import substitution, but again with conditions. in which we wo

but in this world, global financial markets and the global economy matter for us so we monitor that carefully. we really think and my colleagues and i really think that the best thing we can do for ourselves and the global economy is to get inflation under control as quickly as possible. we don't think that the world is a better place if we take our time and inflation becomes entrenched and then we have to go in later. the evidence is that the employment costs of bringing inflation down only rise with delay. so, at the same time, we're not -- we don't want to do any more than we have to do, but feel as a risk management matter we need to be-- we needed to do what we did and feel like we're now in a place, again, as i said, where we can slow down and try to reach that ultimate level. >> and how much do you worry about what claudia's question implies is, we do something with rates, other people are forced to do things with rates and that ends up spilling back to us and makes it harder for you to do it. so, you have to take that possibility into consideration. >> we absolutely believe that we ta

which promoted liberalization and global economic cooperation, this period continued until the global financialsis of 2008, when, according to the un, in just one year, the volume of world trade fell by more than 10%, and global gdp by 2.6. for the first time since the second world war, since 2010, the structure of world export flows has changed radically; trade relations have shifted from developed countries to developing countries with the highest growth rates of merchandise exports, then showed the countries of southeast asia china south korea hong kong singapore and india and world trade began to develop along the south line, while in general the dynamics remained and the current sluggish situation changed in 2018, when trade growth amounted to 10% mainly due to recovery in oil prices, depreciation of the dollar and intensification of world production. however, the next year there was a decline again amid the escalation of the trade war between the united states and china. and a year later, the volume of global trade decreased due to the pandemic and quarantine. in any case, it is believed

central bank to the world's central banks, which warns that the giant debt could undermine the global financial system. the total amount of debt is comparable to last year's global g d p. it is 4 times more than the estimated amount of dollars in global circulation. the reports main warning is the swap that blind spot ricks leaving policy makers in a fog. fintech interpreter, chris adams told my colleague, peter scott, that the situation may increased risk for organizations such as pension funds, also risking people's money. up to different figures, say different 6, let's say 87 percent of all of the world's financial transactions. a settled in the us dollar. now like that's really great if you're the usa, right, because you're printing the money, you're controlling the money, you know how much the friends and you're basically running the global economy through your own currency. where this poses of risk is when i'm, in this case, the feds, which is the us central bank. and i need to know how many dollars there actually are in the market. the issue with this that we're seeing now is they just d

mercedes does not start well, vladimir putin had no problems with transport ; conditions of global financial economic turbulence and gentlemen, in these difficult conditions it is extremely important to do everything in our power as heads of state for mutually beneficial trade economic and investment partnership between our countries on the agenda of 17 issues in front of each delegation laid out piles of documents in folders, assistants, and just before the start of the meeting. still with someone write off and call up a rare stability even in the face of unprecedented external pressure has increased by three, but a record seventy-three billion. dollars, good indicators in the industry of cargo turnover construction we have an obvious trend towards a decrease in inflation for all our countries importance, because macroeconomic indicators in the russian economy in one way or another affect all the economies of our country. we know that in the eurozone countries. the highest inflation rates over the past 30-40 years are all in double digits, and in some eu countries it can reach sky-high valu

and then there was a global financial crisis, and companies like uber come out of there. so, historically, we know that the downtimes are a time to look for those small companies. you know, the really tiny ones like google and uber. >> that's right. some of the best companies will come out of the ashes of this new crash. what happens is the dna of these businesses is much stronger and these businesses being the ones that are formed this year, next year, in '24, they hire proficiently, and bootstrap for a period of time like google did. those businesses tend to have stronger dna that can survive is cylicality of the market. we saw this in '99 and 2000, when companies reinstruct, they don't spend properly and this is a generalization. there are obviously a lot of good companies out there, but we've seen it happen. that's why they require more capital to survive. so i'm optimistic about new company creation. it's going to take another year or two to shake out, but we could see the next big wave probably in '23 or '24. >> as far as those new companies go, you know, do your du

order based on its rules, the nato structure of the european union was created, control over global financialtutions was established. uh, finally, so to speak, two and only two world currencies are approved. well, finally, don't ceased attempts. uh, secure military dominance. e exactly the same way the transition to a multipolar model to eurasianism. in the broad sense of the word, it is impossible without the institutionalization of multipolarity, it is necessary to create a proposal to the outside world of a conceptual model that is comfortable for all participants for all, emphasizing, including the west. primakov future world device today they are in demand as never before. and he emphasized that it is eurasia today that is the locomotive of the multipolar world and economic development. and here is what the head of the trade industrial chamber said about international partnerships in the current conditions. you naturally, we are experiencing certain difficulties due to the sanctions that are legally certain against the russian federation today, but nevertheless, despite all the difficult

and now of course, of the global financial stability and not also on china to our, to mediate or to, to bring an end with his body where you grin. so it is that kind of self contradictory elements or phenomena always say in the west, of course, china always carry on this piece for development strategies, not just china, just say that, but china is doing that. i've been doing this for 40 years. he, history, we know that he should never before has a major heart keep rising for 40 years without a single gunshot. be fired outside china. that's amazing. that's a fact. that's a reality. we know that all the code, all of the end of the code, all as so many crisis, all along the kosovo crisis, georgia crisis, your credit crisis, shuler crisis or so and so forth. but they're also crisis in our street. the crisis in south china city, the crisis between china and the job, i'm over the army was in cockle, ireland, by one fact. everybody can see all the crisis will never united states in the west get a you bought or play a major, a new one. awesome, and not in the war. not a single exception. all

maintain the hegemony of the dollars, but saudi arabia will be able to change the future of our global financialthe brix will officially join together with china , cooperation with which, as stated. no, the national priority for the next 50 years, riyadh is increasingly looking towards moscow and beijing yes, and other gulf countries, where first ukrainian of the crisis took a position different from the us and europe, the visit of xi jinping means the collapse of american oil diplomacy and the loss in the oil war, which was provoked by the war in ukraine , which the us dreamed of winning with the support of saudi arabia, but this oil ally of washington is slipping into the arms of china but those who in the west claims that beijing just took advantage of the american political right the chinese advised not to buzz, a few buzzing flies will not interfere with china and the arab countries do the right thing that benefits both sides of the focus. america focused not on bread and butter, but on weapons and power. this is why shrinkage is like a failure of china as a major economic power, and they w

what do you think, next year for america and for the global financial system in general, it will notn fact, of course, it will not be easy. really. we have a number of changes we are changing the type of rates, we are fighting for the development of infrastructure projects, the united states is trying to compete, uh, with china and with the chinese. yes, with this concept of a belt and a path to create some kind of similar infrastructure, but only in the main in the digital economy there will be a lot of work. next year, all parties , all major players, uh, political and economic, this is unconditional and unconditional. we are still in a state of such turbulence, because in general the system which developed in the 20th century, and then after the end of the cold war. she breaks up with us. and here we live with you. it always breaks up such processes occur with very great consequences. thank you very much i will remind you. we spoke with the head of the study center. strategic planning of my wounds by sergey kislitsam

and now of course, of the global financial stability and not also on china to out, to mediate or to, to bring an end with his father, will you grin? so it is that kind of self contradictory elements or phenomena always say in the west, of course, china always carry on this piece for development strategies, not just channel, just say that, but china is doing that. i've been doing this for 40 years in history. we know that haitian never before has a major heart keep rising for 40 years without a single gunshot, be fired outside china. that's amazing. that's a fact. that's a reality. we know that all the code, all of the code, all that so many crisis, all along the kosovo crisis, georgia crisis, your current crisis sooner, crisis or so and so forth. and then also crisis in the street, the crisis in spanish channels the, the crisis between china and japan over the army, austin cockle, ireland. one fact everybody can see all the crisis will never united states in the west, every bar where major every one of them. and not in the war, not a single exception. all those crisis where china pla

in my opinion, the return to gold as an international currency was a step backwards for the global financialess, if we talk about gold as an investment asset, then we are positive about the prospects for this asset, as well as for the prospects that haunt the rest, which can also become such a proxy for those who want to invest or win on the positive movement that we can see in gold prices next year against the backdrop of completion of the tightening cycle of monetary policy in major world leaders and against the backdrop of stabilization of inflationary global trends. thank you very much. well, let's see, indeed it is very difficult and all processes. they're going on for a long time, they're not just going, uh, and they'll evolve, and we 'll be as usual. eh, as always, keep an eye on it and watch. thank you very much. and let me remind you that they found time for us, we talked with sophia, the chief economist for russia and the cis of renaissance capital . yes no and now to other main news this week. china will buy oil, gas for yuan business reports, insider talks are coming to saudi ara